Twitter Rips Into Elon Musk's New Crypto "Ponzi Scheme"

"Oh you said you wanted them to fix the crypto spam? That's cute."

Confidence Artist

Elon Musk is moving forward with his plan to turn Twitter into an "everything app" by introducing stock and crypto trading options on the social network — and tons of the platform's denizens are calling foul.

Twitter is partnering with social trading company eToro, CNBC reports, to provide financial services on the site, allowing users to buy and sell stocks, crypto, and other digital assets.

These new capabilities, along with expanded market information, will be accessible via the site's already-existing cashtag system, which Musk has reportedly been building towards since the beginning of 2023.

While lots of Musk fanboys and Bitcoin bros are unsurprisingly excited about the move, others are far more skeptical.

"What could possibly go wrong," the account for the Whiskey Hell podcast tweeted.

Cute Moves

Given the direction both the crypto world and Twitter have gone as of late, it's hard not to see this as a controversial move. Besides, crypto scams have been a mainstay on the platform, with Musk impersonators claiming they are giving away Bitcoin.

Last year, Musk promised to drain Twitter's swamp of crypto scams ahead of buying the company, but the platform is clearly still riddled with them many months later.

Now, users are worried that by allowing users to directly trade crypto on the platform, Musk could potentially be inviting in even more of these scams.

"Oh you said you wanted them to *fix* the crypto spam?" journalist Jacob Silverman quipped. "That's cute."

Another user joked that the "Ponzi scheme is getting wider," a reference to the widespread belief that crypto is secretly a pyramid scheme.

Moving Forward

Others accused the billionaire CEO of turning Twitter into a bloated mess.

"The saying used to be, every app expands until it can send email," another user mused. "Now every app expands until it’s DraftKings," referring to a popular sports betting app.

Whether Twitter is on its way to becoming a trashy online casino or not, the move could be seen as a last-ditch effort to stop the site from hemorrhaging money.

Then again, the "pivot to crypto" is a tried-and-true method for the desperate, right?

More on Elon's Twitter: Elon Musk Whines That Buying Twitter Has Been Emotionally "Painful"